Hello everyone. This is the February issue of the monthly market update for Southern Nevada.
No surprise that January’s new listings were significantly ahead of December’s pace, as homeowners began addressing their selling desires which they put off during the holidays. Still, the pace exceeded last January by 26.3%, indicating a heightened demand for selling now and likely for buying in the months to come. New sales were also up almost 30% from December and were expectedly down from January of 2018.
Closings, however, which are a direct function of new sales in November and December were down from December, which is also a result of the heighten motivation of buyers and sellers to close by the end of the year. The median sales price, once again, tested the $300,000 mark, where it retreated from in September of last year.
Another noteworthy observation is that the average and median price of our current float of listings is down measurably year over year. Perhaps indicating that sellers aspirational pricing, which we began to see climb during the middle of 2018, is getting more in check with actual sales of similar properties.
While it will be interesting to observe how market conditions play out over the next few months, there is very little debate as to the positive long term direction for Southern Nevada real estate.
Two more separate reports were released since our last filming regarding the vibrancy of our state’s economy in general and Southern Nevada real estate values specifically.
First, Nevada tops the country for new residents to our state according to the United States Census Bureau’s most recent survey, as the 62,000 new residents managed to cause our population to exceed three million who call the Silver State home.
Next, according to a joint report between Clever Real Estate and Zillow released February sixth, Las Vegas led the country in home price appreciation for 2018. At just under 14%, Las Vegas home values increased the most and are predicted to continue rising at just over 7% in 2019.
Finally, innovative developers continue to fight for the attention and pocketbook of our growing community and the most recent announcement is of an eclectic art themed project on 40 acres of land at Sirius and Rancho, just south of Palace Station. Playing off Nevada’s famed and highly classified test site, Area 51, Area 15 will be compromised of over 126,000 square feet of experimental retail, anchored by the new art collective know as Meow Wolf, which originated in Santa Fe, New Mexico and whose first permanent installation, House of Eternal Return, was conceived with the support of Game of Thrones creator George R.R. Martin.
This past month we also launched out interactive zip code map for home buyers. We are frequently asked by frustrated clients for a good zip code map resource, so we had one coded. Feel free to use it any way you’d like.
Thank you, as always, for making Coldwell Banker Premier Realty your real estate company of choice. Enjoy the last few days of winter because spring comes early to Las Vegas.